CoinDesk Report:
With Bitcoin hitting a new low of $5400, the altcoin market is currently facing severe chaos. Several leading altcoins are bleeding, immersed in the bearish impact sweeping through the cryptocurrency field. While some analysts consider this a unique plight of hoarding altcoins, others mourn significant losses in their cryptocurrency holdings. Following this, Shiba Inu has also given ambiguous price hints. The token’s economic development and current price trends are signaling a mixed bag of emotions.
Read also: Shiba Inu: Experts suggest holding SHIB before Bitcoin hits $75,000
Shiba Inu: What is SHIB’s current trajectory?
Source: DailyHodl
Shiba Inu, one of the most popular meme coins in the currency space, has experienced a sharp decline in the past 24 hours. The token has depreciated by nearly 14% in the last 24 hours, currently trading at $0.00001342. According to CoinCodex’s data, the token is currently bearish, with expectations of SHIB plummeting to new lows and gaining stronger support.
With Bitcoin hitting a new low of $5400, several alternative coins, including SHIB, have been severely affected. Considering the recent anatomical changes SHIB has encountered, the signals currently being given by the token are mixed.
Although the Shiba Inu ecosystem has lost its current foothold, it is expected to soon reach new highs. The token is currently busy with many new initiatives, including launching new updates on its Shibarium network. The token is also committed to releasing a blockchain version of the Shiba Eternity Game, which could change the game rules for the token and its price indicators.
SHIB: Remove or add zeros?
The renowned cryptocurrency analysis portal CoinCodex has predicted a new price path for SHIB. According to CC, by the end of July 2024, Shiba Inu may lose a considerable amount of its valuation.
“On August 4, 2024, the price of Shiba Inu may decrease by -4.55%, reaching $0.00001408. According to our technical indicators, the current sentiment is bearish, with a fear and greed index showing 29 (fear). Shiba Inu has recorded 11/30 (37%) green trading days, with a price fluctuation of 14.74% over the past 30 days.”
Currently, SHIB’s fear and greed index is depicting fear sentiment, with bearish signs spreading throughout. However, by the end of 2024, significant anatomical developments in the SHIB ecosystem will play a significant role in stabilizing SHIB prices.
“The trading price of Shiba Inu may range from $0.00001243 to $0.00003214. If it reaches the upper price target, SHIB could rise by 140.79% to $0.00003214.”
As the market experiences both downturns and prosperity, the calls to buy SHIB are increasing.
According to data uploaded by Santiment, there is a huge buying sentiment echoing across all leading social platforms. This development indicates the dominance of buyers, with most investors looking forward to purchasing “the dip.”
However, the portal further outlines the severe balance between negative and positive comments currently being experienced in the market. While the current market downturn may play a certain role for some bold investors, others are currently mourning the losses in their cryptocurrency holdings.
Read also: India plans to earn $800 billion from exports to G7 countries
The calls to hold Shiba Inu tokens are also increasing. According to Lucy, the marketing lead for Shiba Inu, patience is the only factor that can help investors navigate such painful and challenging times.
